Oct 01 2023

Elon Musk sets new record. Wealth jumps $25 billion in just one day

Elon Musk sets new record. Wealth jumps $25 billion in just one day

Elon Musk hit a new milestone: he made a record $ 25 billion in one day. Tesla Inc. according to the Bloomberg Billionaires Index. Key's 20% jump on Tuesday - more than a year later - saw the billionaire founder's fortune reach $ 174 billion to close the gap with Jeff Bezos, the world's richest man. Overnight, Nasdaq grew 3.7%, with gains in Big Tech companies such as Apple, Amazon and Facebook.

He received $ 6 billion from Bezos' surge in Amazon.com Inc. shares, taking his net worth to $ 180 billion. In January, Elon Musk selected Bezos as the richest man in the world. Musk's fortune reached $ 210 billion later that month, according to a ranking of the world's 500 richest people. President Joe Biden's election fueled Tesla's stock growth, which continued with steady quarterly profits, clean technologies, and the enthusiasm of retail investors.

Shares of electric vehicle manufacturer Tesla Inc rose nearly 20% on Tuesday, following a deep sell-off in a year that boosted sales in China and an analyst raised its rating on the stock. On Tuesday, New Street Research analyst Pierre Ferragu upgraded Tesla to buy a hold-up equivalent, stating that the company is two years ahead of earnings and that its demand outlook is stronger than before.

Pierre Ferragu, the analyst from  New Street Research  raised his Tesla rating from neutral to "buy" and also raised his target price from $ 578 to $ 900.

Tesla's stock ended the day at $ 673.58 after February 2020, its biggest daily gain. The stock is down more than 20% from its January high record.

Chinese auto industry body CPCA said Tesla sold 18,318 vehicles in China in February, compared to 15,484 in January.

Musk and Bezos have been battling for the top spot on the Bloomberg Wealth Index since taking over as founder of Tesla in January, the month of which their fortune stood at $ 210 billion. Since then, Bezos has acquired the title of richest in the world, holding more than 36% as shares of the electric-car manufacturer. Now two separate tycoons are under $ 6 billion.


Posted by : Harshal More

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